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The group responsible is “Collective Shout”, the same org has targeted Steam before.
There are calls on social media now to contact Mastercard, Visa and co. and file complaints.
Some of the actual reasons people hate crypto are:
extreme volatility
many coins’ value can be easily manipulated by whales
most stablecoins are probably one step away of crashing down like Terra Luna
resource intensive - you can shout about proof of stake all you want, there are still gigawatts of energy being burned to “mint” bitcoin
no protections because “code is law”, even when the code is flawed
forking risk nearly every year
the coins that aren’t as resource intensive, have fast transaction times and negligible fees, are unlikely to gain traction or receive widespread adoption
you still have to go through the hoops of a heavily regulated exchange to get actual money from any crypto you have
You’re free to avoid those coins then… volatility doesn’t mean bad
many coins’ value can be easily manipulated by whales
Yes, just like for stocks and pretty much every product on the market
most stablecoins are probably one step away of crashing down like Terra Luna
Stablecoins are often centralized so they’re not what the goal of crypto was, but sure. Why not hate the coins instead of the technology instead? Stablecoins are a small part of crypto.
resource intensive - you can shout about proof of stake all you want, there are still gigawatts of energy being burned to “mint” bitcoin
If you know this is incorrect, why lie and say crypto is resource intensive when it’s only a few that are like that? PoW has its flaws indeed.
no protections because “code is law”, even when the code is flawed
Every software you use is not liable for any problems that occurs with it. Incidents will always happen. All recent incidents involved someone getting hacked by other means, being menaced into sending them crypto (so it could happen to anyone with a lot of cash as well for example, or through offshore bank accounts), or a company stealing people. I’m not aware of any code fail.
Pretty much all CEX are regulated currently. And with AML and KYC coming more and more (which is bad for crypto), the “no protections” claim is really false.
forking risk nearly every year
So? In case of a fork, you keep both coins… so you should still keep the value of both?
the coins that aren’t as resource intensive, have fast transaction times and negligible fees, are unlikely to gain traction or receive widespread adoption
Isn’t that the case of Solana? But yea currently there are problems with too many coins relying on PoW, but some just can’t do without it, like Monero. It’s the cost of having this system.
you still have to go through the hoops of a heavily regulated exchange to get actual money from any crypto you have
That’s because of regulation and the banking system, not the fault of crypto? It’s because people called crypto a scam that it became like that. You can still use the crypto to purchase stuff with it instead of getting fiat. Receiving money from P2P bank transfers is also similar to this, you’ll get asked questions as soon as you go out of the normal way.
People calling crypto a scam don’t think this much through. It’s just more hard and complex than there is to the eye. Most people interface with crypto solely for trading, and people want quick profit through shitcoins, which is a very bad idea, then complain on the system. You should think twice before investing in stuff you don’t understand: whether it’s crypto, stocks, NFTs, in game items…
The bitcoin boom turned any crypto currency into just a volatile means of investment. None of them are seen as currencies to buy things anymore, and I don’t think that’s changing.
Not to mention the many other issues with crypto currency as a concept. But those don’t really matter in the face of, well, not being viewed as a currency anymore.
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This is how crypto payments go mainstream
And that’s a great thing
But people like to hate on crypto because surely a centralized and privacy unfriendly payment system is better
They believe crypto = ERC20 + NFTs = scam, when the real goal of crypto is P2P uncensored transactions, and getting away of this centralized system
Some of the actual reasons people hate crypto are:
You’re free to avoid those coins then… volatility doesn’t mean bad
Yes, just like for stocks and pretty much every product on the market
Stablecoins are often centralized so they’re not what the goal of crypto was, but sure. Why not hate the coins instead of the technology instead? Stablecoins are a small part of crypto.
If you know this is incorrect, why lie and say crypto is resource intensive when it’s only a few that are like that? PoW has its flaws indeed.
Every software you use is not liable for any problems that occurs with it. Incidents will always happen. All recent incidents involved someone getting hacked by other means, being menaced into sending them crypto (so it could happen to anyone with a lot of cash as well for example, or through offshore bank accounts), or a company stealing people. I’m not aware of any code fail.
Pretty much all CEX are regulated currently. And with AML and KYC coming more and more (which is bad for crypto), the “no protections” claim is really false.
So? In case of a fork, you keep both coins… so you should still keep the value of both?
Isn’t that the case of Solana? But yea currently there are problems with too many coins relying on PoW, but some just can’t do without it, like Monero. It’s the cost of having this system.
That’s because of regulation and the banking system, not the fault of crypto? It’s because people called crypto a scam that it became like that. You can still use the crypto to purchase stuff with it instead of getting fiat. Receiving money from P2P bank transfers is also similar to this, you’ll get asked questions as soon as you go out of the normal way.
People calling crypto a scam don’t think this much through. It’s just more hard and complex than there is to the eye. Most people interface with crypto solely for trading, and people want quick profit through shitcoins, which is a very bad idea, then complain on the system. You should think twice before investing in stuff you don’t understand: whether it’s crypto, stocks, NFTs, in game items…
Naa onlyfans would have done it already.
Crypto payments are too unstable, there’s a huge & rightful stigma on crypto scams. Enjoy your bitcoin once it becomes too expensive to trade.
The bitcoin boom turned any crypto currency into just a volatile means of investment. None of them are seen as currencies to buy things anymore, and I don’t think that’s changing.
Not to mention the many other issues with crypto currency as a concept. But those don’t really matter in the face of, well, not being viewed as a currency anymore.